Why would GM cut R & D, the source of its future growth, in order to show profits in the short run? Is something happening in, say, November, for which the 26%-government-owned entity might want its balance sheet to look artificially rosy? …. P.S.: Latest sales figures show GM’s market share has declined again. Total sales are flat for the year to date, and you’d have to say the GM arrow is pointing down because Toyota is surging back into the market after a series of setbacks (earthquakes, floods, stuck accelerators).The very fact that people are now asking these questions reveals the problem with the auto bailout.
Well, that and the fact that we are set to lose $30 billion from it, despite Obama's past assurance that we would make money on the deal. At least his union friends got paid off.
Hat tip to Vodkapundit.
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